In the `5-lakh salary bracket? The tax waiver has many ifsShanbhag, Sandeep
Annual interest paid on a home loan for self-occupied property Annual interest paid on home loan (while living in rented property) Under the HRA exemptions, mention: Basic salary received – annual Monthly dearness allowance (if it forms part of your income) ...
Here are the steps for the income tax calculation for a salaried individual: Step 1: Calculate your gross taxable income To calculate your gross taxable income, you need to compute your net salary after subtracting your deductions, such as HRA, LTA, and standard deduction, from your gross ...
There are various cases in which an employee might obtain the salary arrears for the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year is much more when the other arrear gets added to the income of the prevailing year. This is...
The wealth tax exemption limit is increased from Rs 15 lakh to Rs 1 crore. Introduces General Anti Avoidance Rules, which allow tax authorities to classify any arrangement into which one entered for tax avoidance. Aim of the Direct Tax Code ...
For example, Shyam has a salary of 7.5 lakhs and he takes a deduction of 1.25 lakhs then using both old and new tax system tax is the same.But If Shyam claims tax deductions less than 1.25 lakh say 1 lakh. Then under the old regime, the tax is Rs 44,200 and the new regime is ...
There are certain scenarios where ITR filing is mandatory for individuals even if their gross total income is below the basic exemption limit. You have to file a return if: You have spent more than ₹2 lakh for an international trip. Your bank account's cash deposits and withdrawals exceed...
how income tax is calculated on salary “How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of...
Recovery of excess payment of allowance due to adoption of wrong principle and erroneous calculation of salary not permissible. No differentiation permissible between regular and contractual employees on woman’s right to maternity leave and benefit under the Maternity Benefit Act, 1961. Click here to...
* I paid Home Loan Intt of approx 1 lakh *I also paid premiums for insurance policies. *Now I am to get Pay Arrears in 2021 Jan or so *Whether I should file ITR 1 with all details or ITR2 Kindly suggest as I shall be filing the revised return and get my salary arrear adjusted....